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OceanPal Exits Shipping and Restructures

In a significant shift in corporate strategy, OceanPal Inc. (NASDAQ: SVRN) has officially exited the shipping industry, culminating in the sale of its vessel-holding subsidiary for a comprehensive restructuring. As of July 31, 2026, the firm concluded a transaction with Sezali Inc. to sell 100% of its membership interests in OP Vessel Holdco LLC, marking a decisive turn towards concentrating on its core operations in digital assets and AI.

Key Transaction Details

The sale was executed without any cash transactions, relying solely on the cancellation of 12,185 outstanding shares of Series C Cumulative Convertible Perpetual Preferred Stock. The preferred shares, previously significant for their seniority in liquidation, were officially retired as part of the deal alongside the relief of $5 million in promissory notes. This move eliminates the company's debt obligations, leaving it in a stronger financial position.

In light of the deal, OceanPal's operating obligations concerning OP Vessel Holdco LLC, its affiliates, and the remaining ships—m/v Calipso, m/v Melia, and m/t Zeze Start—were entirely relinquished, resulting in the eradication of any remaining liabilities regarding those assets.

Impacts on Capital Structure

With the completion of this transaction, OceanPal’s capital structure has been significantly streamlined. The company now retains only 412 shares of 7.0% Series D Cumulative Convertible Perpetual Preferred Stock following the tender offer completed in December 2025. As a result, common stockholders gain clearer exposure to the firm's endeavors in the digital asset space, essentially aligning their interests directly with the future of the organization, which now solely focuses on its digital treasury comprised of NEAR assets.

Sal Ternullo, Co-CEO and Chairperson of OceanPal, commented on the significance of this transition, emphasizing that the objective was to simplify their capital structure for serious investors. He stated, “Our structure is now fundamentally streamlined—common stock with minimal preferred shares, devoid of debt, and no operational commitments outside of our digital asset treasury.”

Future Outlook

Moving forward, OceanPal Inc. is poised to capitalize on its robust position within the digital asset ecosystem. The sale and debt retirement not only liberate the company from prior shipping operations but also pave the way for strategic investments in the burgeoning realm of blockchain and autonomous AI technologies.

The emphasis will now be on growing and managing the NEAR Protocol treasury, and augmenting returns through institutional staking initiatives that ensure regulated public market engagement for investors keen on exploring the digital frontier.

For more information about OceanPal Inc. and its ongoing projects, interested parties are encouraged to visit oceanpal.com. Similarly, details regarding its subsidiary, SovereignAI Services LLC, can be found at svrn.net.

Conclusion

The divestiture of its shipping assets highlights OceanPal's strategic pivot towards robust technologies and aligns its operations with future market potentials in the realm of digital assets. This transition reflects a growing trend among established firms to embrace digital innovation wholeheartedly while dissolving older, less profitable business segments. As the company enters this new chapter, the focus on blockchain technology and AI aims to enhance shareholder value and ensure sustainable growth for years to come.